Performance Highlights
The key numbers from our 1Q 2024 Profit & Loss
| (USD MM) | 1Q 2024 | 1Q 2023 | YoY Amount Change |
|---|---|---|---|
| Income | |||
| Revenue from rendering of services | 88.0 | 43.6 | +44.4 |
| Interest income and other income | 0.5 | 0.7 | -0.2 |
| Total income | 89.3 | 44.3 | +45.0 |
| Expenses | |||
| Costs of rendering od services | 79.4 | 43.3 | +36.1 |
| Administrative expenses | 5.3 | 5.2 | +0.1 |
| Netloss on foreign exchange | - | 0.1 | -0.1 |
| Finance costs | 2.3 | 1.3 | +1.0 |
| Total expenses | 87.0 | 49.9 | +37.1 |
| Profit (loss) from operation | 2.3 | (5.6) | +7.9 |
| Share of profit (loss) of joint venture and associate | (1.2) | 0.4 | -1.6 |
| Profit before tax expense | 1.1 | (5.2) | +6.3 |
| Tax expense | (0.6) | 0.3 | -0.9 |
| Profit(loss) for the period | 0.5 | (4.9) | +5.4 |
| Earnings per share (US Cents) | 0.0 | (0.3) | +0.3 |
| Depreciation expenses and amortization expenses | 6.9 | 6.1 | +0.8 |
| EBITDA (1) | 11.5 | 1.8 | +9.7 |
Remark:
(1) Excluding share of profit (loss) of joint ventures and associate and non-recurring items
Total Order Book
- Cable Lay
- Subsea IRM
- T&I and Decommissioning
Order Book by Region
At the end of March 2024, the order book was at USD 735 m.
Mermaid Group has secured multiple project awards in South East Asia, the Middle East, North Sea and Western Sub Sahara region for both short‐term and long‐term throughout FY2026. The order book number included Cable Laying, Subsea Pipeline Tie‐ins, Inspection, Repair and Maintenance and T&I and Decommissioning services.